110 DALAL STREET INVESTMENT JOURNAL I JULY 22 - AUG 4, 2019 DSIJ. in^
Financial Review For FY19
Textiles
The Indian textile industry is one of the leading textile
industries in the world. The industry has been through several
phases since Independence, transforming from being an
unorganised industry to being an organised one, post
liberalisation of the economy in 1991. Liberalisation gave new
impetus to the sector and opened the doors for its quite
successful journey up until now.
The Indian textiles industry is extremely diversified, ranging
from the hand-spun and hand-woven textiles sectors at one end
of the spectrum to the capital-intensive sophisticated mills
sector at the other end. The textile industry is very closely
linked to agriculture and the ancient culture and traditions of
the country, which makes the Indian textiles sector unique in
comparison to the industries of other countries.
India is a global manufacturing hub for textiles and apparel,
coping with growing international and domestic demand. The
global textiles market is projected to reach $1.3 trillion by 2025.
Similarly, the domestic market for apparel is projected to reach
$59.3 billion by 2022 and the textiles market is tipped to grow
to $223 billion by 2021. The industry is critical in terms of
income and employment generation. The textile industry
currently contributes 5 per cent to India’s GDP.Government initiatives
Government doubles import duty on 328 textile items to 20%:
The government has doubled import duty on as many as 328
textile products to 20 per cent to provide a boost to
manufacturing of these items in the country.Ministries of Power & Textiles join hands for SAATHI
initiative: Ministries of Power and Textiles have joined hands
under SAATHI (Sustainable and Accelerated Adoption of
efficient Textile technologies to Help small Industries) initiative.
Under this initiative, Energy Efficiency Services (EESL), a PSU